Zavarovalnica Triglav

Investor Presentation • May 22, 2025

Building a Safer Future

Triglav Group Q1 2025 Results

Investor Presentation

triglav.eu May 2025

Triglav is the highest mountain in Slovenia and the highest peak of the Julian Alps (2,864 meters/9,396 ft)

Disclaimer

The information, statements or data contained here in have been prepared by Triglav corporate officers. Zavarovalnica Triglav, d.d., or any member of Triglav Group, or any Zavarovalnica Triglav employee or representative accepts no responsibility for the information, statements or data contained herein or omitted here from and will not be liable to any third party for any reason whatsoever relating to the information, statements or data contained herein or omitted here from. Such information, statements or data may not be prepared according to the same standards and requirements than the information, statements or data included in Triglav's own reports and press releases are prepared to, and accordingly the level of information and materiality and nature of the disclosures may be different. Undue reliance should not be placed on the information, statements or data contained herein because they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results to differ materially from those expressed or implied in such information, statements or data. Moreover, the information, statements and data contained herein have not been, and will not be, updated or supplemented with new or additional information, statements or data.

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Q1 2025 Results 1 2 3 Q1 2025 Highlights Outlook

Q1 2025 Highlights

Highlights

▪ EBT +25% YoY (+39% YoY on comparable basis).

Profit guidance for 2025 ▪ At Q1 2025 confirmation of annual profit guidance (planned annual EBT: €130 – €150M)

Q1 2025 Key Financials and KPIs

TOTAL BUSINESS VOLUME

€ 553.7M

+18% YoY

EARNINGS BEFORE TAX

€ 54.3M

+25% YoY (+39% YoY adj.)

• Growth in all business segments.
• 19% growth in NL and Life.
• 58% growth in international business (reinsurance, FOS).
• Strong profitability in NL and Life.
• Expected volatility in business performance of Health due to low business volume and high growth rates.
• Strong profitability in AM despite negative effect of adverse conditions in financial markets on the segment's proprietary investment results.

GWP	+18%	€530.2M
OTHER INCOME	+26%	€23.5M

Robust Financial Stability and Strong Capital Base

SLOVENIA

MONTENEGRO

CROATIA

BOSNIA & HERZEGOVINA

SERBIA

NORTH MACEDONIA

44.0%

Market Share

1st rank

5.0%

Market Share

8th rank

36.1%

Market Share

1st rank

8.3% (2024)

Market Share

5th rank

7.6% (2024) Market Share

5th rank

13.8% (2024) Market Share

3 rd rank

ADRIA REGION Market leader 21.8% Market Share (2023 YE)

Leading Market Position in Adria Region

By Segments: Non-life 48.7% Health 34.2% Life 31.7%

*Data as of Q1 2025

Q1 2025 Results

Strong EBT Growth

At Q1 2025 confirmation of annual profit guidance (planned annual EBT: €130 – €150M).

Strong Key Performance Indicators

Strong Financial Position Indicators

Robust financial stability and adequate capitalisation. AUM affected by adverse conditions in financial markets.

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High Growth in Total Business Volume

TBV growth in all segments.

Triglav Group Markets

Improved profitability of regional markets. Increased share of TBV from outside Slovenia in line with strategic goals. Strengthening of active reinsurance business and FOS business.

Well Balanced GWP Structure

Structure by GWP non-consolidated, RE not included

Further product diversification and internationalization of business.

Q1 2023 Q1 2024 Q1 2023 Q1 2024 By Segments By Markets (consol.) By Type of Clients By Sales Channels 53% Adria region without Slovenia Int. Insurance & RE 20% 59% 21% Q1 2024 Q1 2025 79% 21% Own network External 78% 22% Q1 2024 Q1 2025 53% 47% Corporate clients Retail clients 52% 48% Q1 2024 Q1 2025

© Triglav Group: Q1 2025 Results Investor Presentation _ May 2025

Incurred Claims

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In Q1 2024, part of flood-related claims reserves from 2023 were released (mostly reinsured, so no P&L impact in 2024); in Q1 2025, reserves increased due to portfolio growth and higher claims activity.

Financial Investments of Insurance Portfolios

Portfolio structure (Insurance portfolios, Unit-linked portfolios and Assets from financial contracts)

Instruments (in €M)	31 Mar 2025	31 Dec 2024	Index
Investment property	69.9	70.4	99
Investments in associates	56.3	55.6	101
Shares and other variable-income securities	225.6	200.7	112
Debt and other fixed-income securities	2,089.9	2,092.6	100
Loans given	6.5	6.6	98
Bank deposits	61.2	60.8	101
Other financial instruments	1.2	0.9	134
Total (1)	2,510.7	2,487.7	101
Unit-linked life insurance contract investments (2)	639.4	678.9	94
Financial investments from financial contracts (3)	727.0	739.5	98
Total (1+2+3)	3,877.0	3,906.1	99

Return on financial investments

(Unit-linked assets excluded)

Return on financial investments (in €M)	Q1 2025	Q1 2024
Interest income*	13.0	10.4
Dividend income	0.7	0.0
Net gains/losses on financial assets at FVTPL	1.0	2.3
Net gains/losses on financial assets at AC	0.0	0.0
Net gains/losses on financial assets at FVOCI	-0.1	-2.2
Net impairment/reversal of impairment of financial assets	0.1	-0.3
Other investment income/expenses	0.2	-0.4
Total return on financial investments (1)	14.9	9.9
Gains/losses and impairments ofinvestments in associates (2)	0.8	0.8
Total (1+2)	15.6	10.7
Rate of return on investment	2.6%	2.0%
*Calculated using effective interest method

High Quality Investment Portfolio

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Segment: Non-Life

Strong 29% YoY EBT growth, driven by growth, continued excellent insurance operating performance and strong investment result.

Segment: Life

Strong performance driven by growth across all Group insurance markets.

Segment: Health

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Expected volatility in business performance of Health due to low business volume and high growth rates.

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Segment: Asset Management

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Note: AM segment includes clients' pension saving through insurance services, AM and management of clients' assets in mutual funds and discretionary mandate assets. Investment results of own insurance portfolios are taken into account in insurance segments.

Strong profitability in AM despite negative effect of adverse conditions in financial markets on the segment's proprietary investment results.

AUM in Mutual funds & discretionary mandate assets

(in €M)
AUM as of 31 Dec 2024	2,269.9
Net inflow Impact (a)	7.5
Net market Impact (b)	-165.7
Total (a+b)	-158.1
AUM as of 31 Mar 2025	2,111.7

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Q1 2025 Performance at a Glance

P&L Highlights (in €M)	Q1 2025	Q1 2024	Index	Financial position indicators (in €M)	31 Mar 2025	31 Dec 2024	Index
Total business volume (1+2)	553.7	467.5	118	Balance sheet total	4,560.5	4,538.3	100
				Equity	1,033.8	989.0	105
Gross written premium (1)	530.2	448.9	118	Asset under management (AUM)	5,754.4	5,893.8	98
Other income (2)	23.5	18.6	126	Contractual service margin (CSM)	284.3	286.8	99
Insurance operating result (a)	40.4	35.1	115	Number of employees	5,204	5,318	98
Insurance revenue	334.8	288.3	116	Number of employees FTE	5,088	5,190	98
Claims incurred	185.7	130.5	142
Acquisition & admin.costs incl. non-attributable items	88.0	80.8	109
Net reinsurance service result	-19.2	-42.0	46	Key performance indicators	Q1 2025	Q1 2024	Change
Net other insurance income/expenses	-1.6	-0.1		ROE annualized	19.8%	17.2%	2.6 p.p.
Net Investment result (b)	9.2	5.2	178	Combined ratio NL & Health	88.5%	88.4%	0 p.p.
Result from non-insurance operations (c)	4.7	3.1	152	Claims ratio NL & Health	63.5%	62.4%	1.1 p.p.
Earnings before tax (a+b+c)	54.3	43.3	125	Expense ratio NL & Health	25.0%	26.0%	-1 p.p.
				Non-Life: Combined ratio	87.6%	88.0%	-0.4 p.p.
Net earnings	46.1	36.6	126	Health: Combined ratio	111.6%	101.4%	10.3 p.p.
Other comprehensive income	-1.4	2.1		Life: New business margin (NBM)	11.7%	14.9%	-3.2 p.p.

Please note: The data for the comparable period differ from those reported for the previous year due to the redefined Health and Non-Insurance Activities.

Outlook

2025 Outlook

At Q1 2025 confirmation of annual profit guidance.

Triglav Group Strategy until 2030

Strategic

ambitions

Mission We build a safer future

We are customer centric We help our partners to grow We foster development of our employees We are profitable, stable and safe investment

Vision We are international insurancefinancial group

• Triglav is leading insurance-financial group in Adria region - we reinforce our leading position in the region.
• We are international - we are strengthening our identity and visibility as international group. Together, regional and international markets will outweigh revenues from Slovenian market.

Profitable operations creating value for shareholders. By 2030 Triglav Group EBT will reach € 250-300 M. Best customer experience. Innovative, accessible and simple solutions, reflecting customer needs and expectations. Agile and efficient organisation. Simplified processes supported by digital technologies. Attract and retain the best talent. High-performance organisational culture.

Values Responsiveness, simplicity and reliability are reflected every day in our work.

Above-average growth in markets outside Slovenia. Internationalization & diversification of profit streams. Ambitious growth of business volume and AUM. By organic growth and emerging M&A opportunities.

Strategic

ambitions

Investor Relations

Helena Ulaga Kitek, Director of IR Nika Kikovič, Specialist Officer Email: investor.relations@triglav.si Website: www.triglav.eu

For more information, please contact

Triglav Group Annual Report 2024

2025 Financial Calendar

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Planned date¹	Time¹	Type of announcement
Thursday, 6 March 2025	8:30	Preliminary key figures 2024
Monday, 31 March 2025	8:30	Audited annual report for 2024
Thursday, 24 April 2025		Convocation Notice of General Meeting of Shareholders on distribution of profit
Wednesday, 21 May 2025	8:30	January – March 2025 Results
Tuesday, 3 June 2025		General Meeting of Shareholders and notice of its resolutions
Wednesday, 20 August 2025	8:30	January – June 2025 Interim Report
Wednesday, 19 November 2025	8:30	January – September 2025 Results

¹ Central European Time. Dates and times are provisional and are subject to change.